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AL HB569
Bill
Status
4/28/2016
Primary Sponsor
Steve Clouse
Click for details
AI Summary
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State payments from the Deepwater Horizon Oil Spill Disaster Settlement (occurring April 20, 2010) shall be used to repay three categories of state debt: Alabama Trust Fund State General Fund Rainy Day Account unpaid amounts from fiscal year 2010 and future amounts under Amendment 803; Alabama Trust Fund unpaid amounts from transfers over fiscal years 2013-2015 under Amendment 856; and Centers for Medicare and Medicaid Services outstanding payments owed by the state.
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Director of Finance shall establish a payment schedule for the debts prioritizing based on total funds received, immediacy of repayments, and amounts owed, with discretion to include a payment to the State General Fund if needed and practicable.
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Any settlement funds remaining after debt repayments shall be deposited into a designated trust fund, or if no such fund exists, into the State General Fund.
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The act becomes effective immediately upon passage and gubernatorial approval or upon becoming law otherwise.
Legislative Description
Economic Settlement Authority, created, issuance of bonds by authority payable from revenue from settlement of BP Oil Spill for capital improvements and deposit into certain funds, BP Settlement Fund created
Authorities
Last Action
Ways and Means General Fund second Amendment Offered
4/28/2016